The September 2003 issue of money stated that intrest rates have climbed to 5.99%. Nancy Martin, owner of Martins Textile Manfacturing, Supplied Dolan Limited with clothing worth 7353.00. The Terms of sale were 180-days and 5.4% intrest. Dolan Limited took possession of the order on March 3, 2004. On April 15th,2004, Nancy discovers she has a cash-flow problem; a bank agrees to discount the note at 5.99%. A) What is the bank discount amount? B) What amount would Nancy receive? Round to the nearest cent. We are using 360 days as well.

Question

The September 2003 issue of money stated that intrest rates have climbed to 5.99%.  Nancy Martin, owner of Martins Textile Manfacturing, Supplied Dolan Limited with clothing worth 7353.00.  The Terms of sale were 180-days and 5.4% intrest.  Dolan Limited took possession of the order on March 3, 2004.  On April 15th,2004, Nancy discovers she has a cash-flow problem; a bank agrees to discount the note at 5.99%.  A) What is the bank discount amount?  B) What amount would Nancy receive?  Round to the nearest cent.  We are using 360 days as well.